Starting a Business - Simple Guide for Entrepreneurs (2020)

Starting a Business - Simple guide for Entrepreneurs (2020) - Starting a business is never easy as we think, I started my Business in 2009, but failed miserably, in-fact learned lot of new things. In this blog I would like to share some of my learning experiences starting a business with my readers as it might be helpful. Honestly I barely made it through the first year and very close to closing the doors. I know majority of businesses don't make it past the first few years. So in my respects, some of the feedback I provide in here is from my experience on what i did really wrong. Let’s say on the other hand its like learning how to start a small business, i now have the experience of hindsight. I am sharing this with you, so you don't have to make the same ones yourself. Now i receive some emails a day from budding entrepreneurs asking me for help with how to start a business. I find myself answering the same again n again. Before you start your new journey, it's important to remember that 95% of new startups fail. I am not really trying to scare you, but starting a small business with no money takes a lot of work. Not just hard, but working smart also. And the first step to working smart is to have a detailed business plan. Without a business plan is like travelling to a destination without a map. I am sure you wouldn't do that. So here is your simple guide starting your own business.

Creating detailed business plan - Having a plan isn't about predicting the future for starting a business, but rather having the discipline to think through all the necessary steps required between your first day in business and your next few years to come. Your idea might be great, but do you think people will buy what you’re selling. How do know that exactly. Preparing a business plan isn't just about document, it's about thinking through your idea and setting goals. Your business plan needs to have at-least following elements. Market research, Executive summary, business description, Management structure, description of products and services, financials and finally sales marketing strategy. Your idea might be great, but putting up in writing will force you to think all above. Remember you can plug anything into excel and make crappy business plan look amazing. So you need to have a detailed marketing plan. So only most of the Entrepreneurs fail opening business first then figure out how to sell and market the place.

Business model not viable - Write down your best 100 small business ideas. Yes i know your idea is the next Google, world may knock down walls to buy what you're offering. But really will they? Will your offering sell? So you need to do proper market research about the total scope available for your product or service. Competitive analysis and projected to be included.

Funding your Startup - We all know no money, no business. That might be not true entirely. It is possible starting a business with no money, but that's probably not the best idea. The ideal scenario is that if your business is properly funded based on your first two years of startup projections are realistic. What happens if you're only able to achieve 60% of your projected first two year revenues? Can your business survive? Keep in mind, 82% of businesses failures are due to poor cash flow management. Now you know how much cash you're going to need for the next couple of years based on that raise your funds. Some of the best options are friends, family, Angel investors, Venture Capital, Small business loan from bank or self-funding. If you really going to seek external funding especially from Venture Capital, Angel or bank, make sure your business plan is complete and through. So once you’re funding in place, you're ready for next step.

Establishing your Team - How to you start your own business, Its highly unlikely to do everything yourself. Who is going to lead your market? You need to have team for small medium business marketing, branding, website, content creating, accounting, legal issues, real estate, assistants, insurance and whatever other staffing requirements your business might need. You can use freelancer’s websites to source talented individuals all over the world. When i started there was no such facilities available door step. You can even assemble an amazing team through freelancers’ website from all over the world. Some are available even below labor rates online.

Web design, marketing and Branding - Very important if you don't know to do this, don't open your business. If you don't understand the nuances of marketing, then figure it out like Facebook advertising, Google ads, Search engine optimization (SEO), content marketing, blogging, mobile advertising, Email advertising etc.

Starting a Business Never forget who your Boss is - Yes right, you might be president, business owner, Vice president of your business, but still you have a boss. Your boss is your customer. Remember if you don't take care of your customer, someone else will. For an estimate, 40% of your business will come from repeat customers. Based on research 90% of companies see customer experience as a key factor in driving customer loyalty. It’s more difficult to start and build a business chasing new customers. So always treat your customers like gold and build your business, so that as much as revenue is recurring. So now you have full steps starting a business, you need to get your new business idea from paper to launch and to infinity and beyond. BEST OF LUCK